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date: 03 June 2020

Abstract and Keywords

The economic model of the scholastics involves the following fundamental concepts: need or necessity, justice and the validity of agreements, and the nature of the will and of consent in the face of coercion. Need is the motive for engaging in exchange. But need is a relative thing. A hungry or sick person buying food or medicine is motivated by a different quality of need than someone in the market for a luxury article. Different needs place different obligations on others to supply them. If someone lacks food or other basic necessaries and has nothing to offer in exchange, it may be a duty of charity to succor him with a free gift of alms, that is, without recompense. In extreme cases it may even be a duty of justice. Conversely, it may be a duty of charity to sell cheap to, or to buy dear from, someone in deep distress.

Keywords: economics, theology, religion, Christianity, exchange, coercion, scholastic economics, just price, usury, power

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